Mednow Closes Previously Announced Acquisition of Pharmacy in British Columbia
26 Octubre 2021 - 6:00AM
Business Wire
Mednow Inc. (“Mednow” or the “Company”)
(TSXV:MNOW; OTCQB:MDNWF), Canada’s on-demand virtual pharmacy, is
pleased to announce that the Company has completed the acquisition,
previously announced on September 22, 2021, of all of the issued
and outstanding shares of Mednow Pharmacy Inc. (“Mednow
West”), for an aggregate cash payment of approximately $74,000
and the Company’s agreement to convert approximately $908,000 owed
by Mednow West to the Company pursuant to a pharmacy agreement
dated September 24, 2020, as amended October 30, 2020 (the
“Pharmacy Agreement”) into a non-interest bearing on-demand
convertible promissory note. Mednow West’s revenue and expenses
will be consolidated with those of the Company and the Pharmacy
Agreement between the two parties will be terminated.
Mednow West is a British Columbia company that operates an
online pharmacy, delivering prescriptions in the Province of
British Columbia. Mednow West has its business headquarters in
Vancouver and employs Mednow’s marketing and technology platform
for lead generation, prescription fulfillment and customer
services.
“We are executing on our plan for a national presence across
Canada and we are thrilled to be consolidating Mednow West under
our platform. As we add service to our digital first healthcare
platform, we are also simultaneously working to expand our
geographical reach to become a household name in Canadian
healthcare,” said Karim Nassar, Chief Executive Officer.
As Amir Ali Reyhany-Bozorg and Felipe Campusano are directors of
the Company and Karim Nassar is the Chief Executive Officer of the
Company, and each are also shareholders of Mednow West, the
transaction contemplated under the Share Purchase Agreement (the
“Transaction”) is a related party transaction under
Multilateral Instrument 61-101 – Protection of Minority
Securityholders in Special Transactions ("MI 61-101"). The
Company is exempt from the formal valuation and minority
shareholder approval requirements imposed by MI 61-101 pursuant to
the exemptions in section 5.5(a) and 5.7(a) of MI 61-101, as
neither the fair market value of the Shares, nor the consideration
paid therefor, exceeds 25% of the Company's market
capitalization.
About Mednow Inc.
Mednow is a healthcare technology company offering virtual
access with exceptional care. Designed with access and quality care
in mind, Mednow.ca provides virtual pharmacy and telemedicine
services, as well as doctor home visits, with convenience and
through an interdisciplinary approach to healthcare that is focused
on the patient experience. Mednow’s services include free at-home
delivery of medications, a user-friendly interface for easy upload,
transfer and refill of prescriptions, access to healthcare
professionals through an intuitive chat experience, a specialized
PillSmart™ system that packages prescriptions and vitamins by date
and time, and doctor consultations.
To learn more, follow Mednow on Facebook, Twitter, LinkedIn and
Instagram, as well as visit www.mednow.ca/.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211026005332/en/
Investor Relations Contact:
Benjamin Ferdinand, Chief Financial Officer Marc Charbin, Investor
Relations ir@mednow.ca 1.855.686.6300
Media Contact: Kieran Lawler
Kieran.lawler@loderockadvisors.com 416.303.0799
Mednow (TSXV:MNOW)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025
Mednow (TSXV:MNOW)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025